The price of gold in Kyrgyzstan has fallen by 16,000 KGS per ounce over the past week

On the Kyrgyzstan market for standard-weight gold bars, the week from 9 to 13 November ended with a fall in prices. Following a brief rise on Tuesday, the price of a troy ounce of gold began to fall and had dropped to 345,915 KGS by Friday. Over the five trading days, the price of gold fell by almost 16,000 KGS, or 4.4 per cent.

According to the National Bank of Kyrgyzstan, on Monday 9 November, the selling price per ounce stood at 361,834 KGS. By Tuesday, it had risen to 367,825.5 KGS, reaching its highest level of the week.

However, this rise proved short-lived. On Wednesday, the price per ounce fell to 361,957.5 KGS; on Thursday, to 358,681.5 KGS; and on Friday, the decline accelerated, with the price dropping by a further 12,766.5 KGS to 345,915 KGS.

Consequently, gold lost 21,910.5 KGS, or almost 6 per cent, from its weekly high. Moreover, more than half of this decline occurred on the final day of the trading week.

At the same time, the National Bank’s gold buy-back price also fell. Whilst at the start of the week the regulator was prepared to buy back an ounce for 356,487 KGS, by Friday the price had fallen to 340,803 KGS. The difference amounted to 15,684 KGS, or 4.4 per cent.

The decline also affected gold bars of all denominations.